According to Jinshi data reports, Citic Securities research report points out that in May 2025, the MLF will maintain excess rollover, with a net injection of 375 billion yuan. This MLF operation, combined with a reduction in the reserve requirement ratio, will achieve a significant liquidity supply. The previous rate cut on reverse repos has already been implemented, and the cost of liabilities for commercial banks has been significantly reduced. In the future, the central bank may maintain a relatively loose operation, and net MLF injection may become a regular operation.